Shiba Inu token burn rate has skyrocketed nearly 8,000% as the SHIB community welcomes another listing from a major crypto exchange.
According to Shibburn, which tracks SHIB burns, the burn rate suddenly shot up 7900% on Friday as 43 million tokens were burned in a single day.
“SHIB UPDATE PER HOUR
SHIB Price: $0.00001137 (1 hour 0.13% ? | 24 hours -5.18% ? )
Market Cap: $6,699,607,943 (-5.47%?)
Total Supply: 589,614,707,812,657
TOKENS BURNED Last 24 hours: 43,192,603 (7909.09% ?) Last 7 days: 148,357,592 (-19.8% ?)”
At the time of writing, more than 410 billion SHIB tokens have been burned from the supply forever, or sent to a dormant Ethereum address where they cannot be recovered.
The Shiba Inu community started burning tokens in 2021 when Ethereum creator Vitalik Buterin burned 90% of his SHIB stockpile and sent the rest to charity. Since then, SHIB has slowly run out of supply through rival Dogecoin’s burn mechanism.
The Shiba Inu accelerated burn rate comes as BTCC, a crypto exchange with more than $9 billion in daily trading volume, announces surprise support for SHIB.
The exchange founded by Bobby Lee saying via Twitter that SHIB had arrived on its platform, along with multi-chain ecosystem Conflux (CFX), payment-focused Alchemy Pay (ACH), Layer 1 Blockchain Core (CORE), and two other small crypto projects.
SHIB and other tokens in the Shiba Inu ecosystem have enjoyed several major listings in the past month as the community awaits the launch of Shibarium, a Layer 2 scaling project for rival Dogecoin.
Earlier this week, BONE, the token to be used for gas fees at Shibarium, was listed on Crypto.com, one of the largest US giants in the industry. It also received support from Gate.io the week before.
At time of writing, SHIB is valued at $0.000011, trading sideways for the past 24 hours.
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